Heat the oil in a large saucepan over medium heat. Add the onion, bell pepper, garlic, cumin, chili powder and salt. Cook for 5 minutes, stirring occasionally.
Add the rice and stir to coat with the oil and spices. Cook for 1 minute.
Add the broth and bring to a boil. Reduce heat to low, cover and simmer for 20 minutes.
Remove from heat and let stand for 5 minutes before fluffing with a fork.